International buyers returning to the market

Overseas buyers are searching for mortgages in growing numbers now travel restrictions are easing.

Searches using Legal & General Mortgage Club’s SmartrCriteria tool on behalf of international buyers rose by 160% in August.

Meanwhile there was a 107% jump in searches conducted for international buyers with a visa.

More homeowners are using capital raising mortgages – where you remortgage and release extra funds from your property.

Capital raising mortgages were the second most sought after criteria in September, up from sixth in August.

Kevin Roberts, director, Legal & General Mortgage Club, said: “It is reassuring to see a wide range of factors driving demand in the mortgage market, especially in light of the stamp duty holiday ending.

“However, the crisis has in many cases complicated applicants’ financial circumstances and advisers must keep this front of mind.

“Against this complex backdrop, the value of both mortgage advice and technology remains clear.

“Advisers will need to embrace technology to automate processes such as affordability calculations and other administrative tasks, to usher in efficiency gains and feel confident in tackling these intricate cases.

“With purchase activity expected to return to its pre-pandemic level in the coming months, in light of the end of the Stamp Duty holiday, now is the time to invest in mortgage technology and prepare for this new and exciting era of the market.”

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